SEI Investments (NASDAQ:SEIC) Announces Quarterly Earnings Results

SEI Investments (NASDAQ:SEIC - Get Free Report) released its quarterly earnings results on Wednesday. The asset manager reported $1.19 earnings per share for the quarter, topping analysts' consensus estimates of $1.07 by $0.12, Briefing.com reports. SEI Investments had a net margin of 25.44% and a return on equity of 23.25%. The business had revenue of $537.40 million during the quarter, compared to the consensus estimate of $534.08 million. During the same quarter last year, the company earned $0.87 earnings per share. The business's quarterly revenue was up 12.7% compared to the same quarter last year.

SEI Investments Stock Up 5.2 %

SEIC stock traded up $3.71 during mid-day trading on Thursday, reaching $74.41. The company had a trading volume of 2,180,756 shares, compared to its average volume of 582,223. The stock has a market capitalization of $9.67 billion, a P/E ratio of 19.42, a P/E/G ratio of 1.39 and a beta of 0.99. SEI Investments has a one year low of $52.19 and a one year high of $75.97. The stock's 50-day simple moving average is $68.63 and its two-hundred day simple moving average is $67.32.

Analyst Upgrades and Downgrades

SEIC has been the subject of a number of research reports. Oppenheimer lifted their price objective on shares of SEI Investments from $81.00 to $85.00 and gave the stock an "outperform" rating in a report on Thursday. Piper Sandler lifted their price objective on shares of SEI Investments from $74.00 to $77.00 and gave the stock a "neutral" rating in a report on Thursday. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $73.00 price objective (down previously from $74.00) on shares of SEI Investments in a report on Thursday, July 25th. Finally, Morgan Stanley lifted their price objective on shares of SEI Investments from $70.00 to $75.00 and gave the stock an "underweight" rating in a report on Thursday. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $77.50.

Insider Buying and Selling at SEI Investments

In other SEI Investments news, Chairman Alfred P. West, Jr. sold 61,000 shares of the firm's stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $67.36, for a total value of $4,108,960.00. Following the sale, the chairman now directly owns 7,504,285 shares in the company, valued at approximately $505,488,637.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Chairman Alfred P. West, Jr. sold 61,000 shares of SEI Investments stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $67.36, for a total transaction of $4,108,960.00. Following the sale, the chairman now directly owns 7,504,285 shares in the company, valued at $505,488,637.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Alfred P. West, Jr. sold 44,163 shares of SEI Investments stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $67.55, for a total transaction of $2,983,210.65. Following the sale, the chairman now owns 7,605,414 shares in the company, valued at approximately $513,745,715.70. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 132,582 shares of company stock worth $8,942,405. 14.30% of the stock is owned by insiders.

SEI Investments announced that its board has initiated a share repurchase plan on Tuesday, October 22nd that authorizes the company to repurchase $400.00 million in outstanding shares. This repurchase authorization authorizes the asset manager to repurchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.

About SEI Investments

SEI Investments Company is a publicly owned asset management holding company. Through its subsidiaries, the firm provides wealth management, retirement and investment solutions, asset management, asset administration, investment processing outsourcing solutions, financial services, and investment advisory services to its clients.